Piyush Goyal calls for stronger India-France trade ties, technological collaboration

Union commerce and industry minister Piyush Goyal on Wednesday urged France and India's Asia-Pacific partners to strengthen trade ties, advance technological collaboration to tackle global challenges like climate change, and expand defence partnerships.

Speaking at the 2024 Asia-Pacific Forum of the French Foreign Trade Advisors, Goyal expressed optimism about strengthening the India-France partnership and emphasized the need for faster growth in bilateral trade between the two nations.

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The India-France bond is rooted in shared democratic values, multilateralism, and respect for international law, evolving into a robust partnership spanning defence, space, energy, and digitalization, he said.

"I am confident that French business leaders and trade commissioners will return with the conviction to put India on top of their business agenda and will become strong advocates for doing business with India," he added.

India's merchandise trade with France reached approximately $15 billion in 2023-24, with imports totalling $8 billion and exports at $7 billion, marking an increase from $14 billion in 2022-23.

"There is the strength of our two economies, something we should collectively aspire to grow much bigger, much better, much faster. And I am convinced that these numbers only tell a very small part of the story of our relationship," he said.

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"France is India's 11th largest foreign direct investor with $11 billion investment so far. But again, a figure which puts a lot more potential in the future," he added.

Goyal said the presence of over 750 French companies in India and 70 Indian companies in France exemplifies deepening economic integration.

"Collectively, about half a million people have been engaged in these companies, which work across the borders, contributing significantly to employment generation and skill development in India, and also providing opportunities for many French nationals to come and understand the Indian growth story and the potential it holds in the next 25 years," he added.

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